NC's largest voucher school files incomplete financial statement
Posted March 29
By Lindsay Wagner; A.J. Fletcher Foundation
North Carolina’s largest recipient of private school vouchers has filed a required financial review that lacked basic information consistent with “generally accepted accounting principles,” according to the agency overseeing the taxpayer-funded program. Because Fayetteville’s Trinity Christian School—also currently embroiled in a separate embezzlement scandal—received more than $300,000 in voucher funds during the 2015-16 academic year, it is required to submit a financial review of their organization.
Since 2014, the school has received more than $1.2 million in taxpayer funds through the Opportunity Scholarships Program, which provides low-income families money to attend private schools. For the academic year 2016-17, school voucher recipients made up 60 percent of Trinity Christian’s enrollment, according to state records. The voucher school’s overall school enrollment grew by 25 percent between 2015-16 and 2016-17.
According to records provided by the State Education Assistance Authority (SEAA), the agency tasked with overseeing the voucher program, the financial review submitted last December lacked crucial elements typically found in such statement including a statement of cash flows and a balance sheet. What was included instead was a brief “statement of activities” that only listed top line revenues and expenses as well as a supplemental schedule of functional expenses.